Voltalia: Strong Q3-15 sales development

BUY, Fair Value EUR13 (+27%)

News published on
October Friday 30, 2015

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Voltalia posted yesterday after market Q3-15
sales of EUR16.4m, 3.4x higher compared with Q3-14 (EUR4.8m) thanks to positive
perimeter effect from new Brazilian/French capacities installed between end
2014 and September 2015 (Areia Branca in Brazil and Molinons in France) as well
as from first power generation from SMG wind farms parks which started
commissioning at end June 2015. The group confirmed its ambition to fully
connect to the grid Vamcruz and Vila Para wind farm parks respectively in Q4-15
and in Q4-16 allowing it to reaffirm it targets 475MW of total installed
capacities at end 2016 vs. 271MW at end September 2015. This is a faultless
path for the moment. Buy reiterated with FV unchanged at EUR13/share.